Senator Paolo “Bam” Aquino IV submitted a bill that seeks to give incentives to overseas Filipino workers (OFWs) who would like to start their own businesses in the Philippines.
Under Senate Bill No. 2101, also called Business Incentives for OFWs Act, OFW entrepreneurs will receive benefits and incentives once they establish a business in the country.
These incentives include exemption from income tax for five years since the registration of the business and tax-free and duty-free importation of materials, equipment, and machineries, among others, that are essential for the operation of the business.
According to Aquino, the idea to submit a bill for OFW entrepreneurs came from a consultation session in a community in Batangas where an OFW raised his concerns in starting a business in the Philippines.
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